Anbang said seeking buyer for $5.5b set of US luxury hotels

Anbang Insurance Group is reportedly looking to sell off the Strategic Hotels & Resorts portfolio of 15 luxury hotels it picked up two years ago for $5.5 billion, according to the Wall Street Journal.

If the company finds a buyer, the overseas sale would be Anbang’s largest since the company was seized by the Chinese government earlier this year.

Reports have been circulating for months that Anbang was looking to offload some of its overseas assets, with stories growing more frequent after Anbang’s founder Wu Xiaohui was sentenced to 18 years in prison during May.

Last month, Reuters reported that the company was looking into selling off $10 billion worth of property.

Now Anbang is said to be seeking a buyer for a set of luxury properties including the JW Marriott Essex House near New York’s Central Park and Four Seasons and hotels in Silicon Valley and Jackson Hole, Wyoming, which it had purchased from Blackstone in March 2016, as it joins a number of prominent Chinese investors rushing to divest overseas real estate assets.

Ref : Property Report